Raymond James & Associates Has $14.47 Million Position in Owens Corning (NYSE:OC)

Raymond James & Associates trimmed its position in Owens Corning (NYSE:OC) by 7.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 83,272 shares of the construction company’s stock after selling 6,777 shares during the period. Raymond James & Associates’ holdings in Owens Corning were worth $14,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in OC. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Owens Corning by 0.8% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,130 shares of the construction company’s stock worth $1,205,000 after purchasing an additional 67 shares during the period. GAMMA Investing LLC bought a new position in Owens Corning during the 4th quarter worth $156,000. Alaska Permanent Fund Corp acquired a new position in Owens Corning in the 4th quarter valued at $424,000. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Owens Corning by 7.8% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,115 shares of the construction company’s stock valued at $462,000 after acquiring an additional 225 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of Owens Corning by 2.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,481,937 shares of the construction company’s stock worth $219,668,000 after purchasing an additional 35,530 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on OC shares. Royal Bank of Canada boosted their price target on Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Evercore ISI cut their price target on shares of Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a report on Wednesday, August 7th. UBS Group lifted their price objective on shares of Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group assumed coverage on Owens Corning in a report on Wednesday, May 22nd. They set a “buy” rating and a $215.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average target price of $184.23.

Owens Corning Stock Performance

Shares of OC stock opened at $171.57 on Friday. The firm has a market capitalization of $14.87 billion, a price-to-earnings ratio of 13.61, a PEG ratio of 3.15 and a beta of 1.42. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The business’s 50-day moving average price is $170.56 and its 200-day moving average price is $166.82. Owens Corning has a 12 month low of $109.95 and a 12 month high of $191.13.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same quarter last year, the business earned $4.22 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts forecast that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 15th were issued a $0.60 dividend. The ex-dividend date was Monday, July 15th. This represents a $2.40 dividend on an annualized basis and a yield of 1.40%. Owens Corning’s payout ratio is 19.43%.

Insider Buying and Selling

In other news, CFO Todd W. Fister sold 3,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $173.65, for a total value of $520,950.00. Following the completion of the sale, the chief financial officer now owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the transaction, the chief financial officer now owns 31,626 shares in the company, valued at approximately $5,491,854.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mari Doerfler sold 240 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total transaction of $43,692.00. Following the sale, the vice president now owns 4,954 shares of the company’s stock, valued at $901,875.70. The disclosure for this sale can be found here. Insiders sold a total of 6,240 shares of company stock valued at $1,107,192 in the last three months. Insiders own 0.89% of the company’s stock.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.